Infosys profit beats expectations on tax benefits

The Indian MNC earlier reported a net profit of United States dollars 796 million, thus registering a quarterly growth of 37.6 percent, and YoY growth of 45.4 percent. Net profit was up 37.7 percent at Rs 5,129 crore due to lower tax expenses (see chart).

Infosys on Friday reported a 37.6 per cent sequential growth in December quarter net profit at Rs 5,129 crore, which was way higher than a Rs 3,599 crore estimate that analysts had projected in an ETNow poll.

The company reported a total revenue of Rs 17,794 crore for the October-December 2017 quarter, up by 1% from the Rs 17,567-crore revenue in the previous quarter. "Consequently, profit for the period has increased and therefore has led to an increase in Basic earnings per equity share by Rs 6.29 for quarter ended December 31, 2017", it added.

Sikka left abruptly in June following criticism from several executives, led by co-founder Narayana Murthy, over strategy and alleged corporate governance lapses.

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"Given the positive commentary on the retail vertical and continued growth momentum in the digital vertical, we expect earnings to grow at a CAGR 8.5 per cent over FY2017-FY2020".

Based on the recommendations of the Nomination and Remuneration Committee, the board at its meeting held on December 2, 2017 appointed Salil Parekh as the Chief Executive Officer and Managing Director of the Company with effect from January 2, 2018 for a period of 5 years, subject to the approval of shareholders and other regulatory requirements. ".Our Q3 performance is strong".

India's second-biggest IT services exporter Infosys Ltd posted third-quarter profit well above estimates, helped by tax benefits from the firm's deal with the US Internal Revenue Service (IRS).

Highlighting the emergence of technology in terms of Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), Salil said Infosys is progressing towards stability and is "ready to serve clients in the new areas of demand".

On the management changes, the company said that Rajesh K Murthy, President, has resigned citing personal reasons and his resignation will be effective January 31, it added.

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